Pfizer's 1Q Profit Rises 2.7%

Industries Reuters

The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File photo (Copyright Reuters 2016)

Pfizer, the largest U.S. drugmaker, reported a bigger-than-expected quarterly profit, helped by higher sales of breast cancer drug Ibrance and pain relief drug Lyrica.

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Ibrance, which is expected to face competition from rival Novartis recently approved treatment Kisqali, generated sales of $679 million, a 58.3 percent rise from the year-ago quarter. The consensus estimate for Ibrance sales was $682 million, according to Barclays.

U.S. sales of Lyrica rose 14 percent to $891 million, compared with the consensus estimate of $829 million according to Barclays.

Pfizer, which closed its $14 billion acquisition of Medivation Inc in September, said net profit rose to $3.12 billion, or 51 cents per share, in the first quarter, from $3.04 billion, or 49 cents per share, a year earlier.

Excluding items, the company earned 69 cents per share, beating the average analyst estimate of 67 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 1.7 percent to $12.78 billion, below the average estimate of $13.09 billion.

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(Reporting by Divya Grover in Bengaluru; Editing by Saumyadeb Chakrabarty)